Bitcoin looks to be permanent as the axis to the cryptocurrency market, which will gradually implement itself in microeconomies. A country can decide to have its own lightweight instant payment currency next to its formal one and grant its citizens a wallet for parking, public transport and other conveniences. Banks can introduce interest in their own crypto and partner with big retail brands, and Bitcoin will be used as a go between for most exchanges to money. The future is easy.

Yeah well I didn't do that did I Mr straw man!I said buttcoin survived the royal thrashing it got. I didn't say it's a good investment. I said if even bit coin survives as expensive as it is processor wise then damn sure blockchain will succeed in becoming payment standard.

It is true that liberty is precious; so precious that it must be carefully rationed. ~ Владимир Ильич Ульянов Ленин

Jakob wrote:Bitcoin looks to be permanent as the axis to the cryptocurrency market, which will gradually implement itself in microeconomies. A country can decide to have its own lightweight instant payment currency next to its formal one and grant its citizens a wallet for parking, public transport and other conveniences. Banks can introduce interest in their own crypto and partner with big retail brands, ... and Bitcoin will be used as a go between for most exchanges to money.

Really? When a multinational bank needs to transfer ten billion dollars overnight to another bank, they'll send it through the centralized Chinese miners who already control over 60% of the hashing power on the bitcoin network? Bearing in mind that conventional wisdom says that anything over 51% breaks cryptographic security? That doesn't sound likely to me.

It shows profound and disturbing mining centralization. It's the exact opposite of Satoshi's vision. It means that the entire bitcoin network is susceptible to a 51% attack. In short, whenever you hear someone saying that "bitcoin is cryptographically secure," you can simply show them this chart and then laugh at them.

You can certainly use bitcoin to buy a cup of coffee or exchange a few hundred or a few thousand dollars. For serious money, you'd be a fool to do so.

barbarianhorde wrote: I said if even bit coin survives as expensive as it is processor wise then damn sure blockchain will succeed in becoming payment standard.

You are still missing the point. It's like saying that TCP/IP packets will be the standard of Internet commerce. It's meaningless. TCP/IP is just a communication protocol. You can use it to make payments or look at LOLCats. Blockchain is the same. It's just a clever solution to distributed consensus. You can use it to make payments or look at LOLCats. You could invent an LOLCatCoin tomorrow morning and it would work just fine. Blockchain is a "payment standard?" No it's not. You might not understand what blockchain is if that's what you think. I wonder if you have any idea what a payment standard is.

... ps ... It occurs to me that my meaning might not be clear. Blockchain is an enabling technology for a lot of other applications, one of which might be money.

Think about how electronic money works today. You go to Amazon and buy something, paying for it with your credit card that's associated with some bank. So "money" already involves nothing more than flipping bits in a computer and transferring those bit patterns around a computer network.

But it would be wrong to say that "The Internet is money." Rather, the Internet is an enabling technology for money. In order for your bank and Amazon to exchange enough data reliably and securely to perform a financial transaction, there are many many MANY layers of proprietary software built over the years by Amazon and your bank; conforming to many standards and best practices for doing electronic commerce. It's all those layers of software and standards and best practices that are electronic money. The Internet itself enables electronic commerce, but a lot more is involved. Far more than enduser consumers will ever know or need to care about.

Likewise with blockchain. It's an Internet protocol that supports distributed consensus algorithms on adversarial networks. It's a pretty clever solution but it has problems, such as scaling and true security. Eventually a lot of the modern world will run on blockchain-enabled applications. But those applications, protocols, and industry standards have yet to come into existence. When they do, blockchain will support money. But blockchain won't be money, any more than hammers are houses.

Bitcoin itself is a very early experiment in trying to implement money on a blockchain network. Bitcoin's many well-known drawbacks point the way to the years of research and experiment that will be needed before reliable money can be implemented on the blockchain.

barbarianhorde wrote: I said if even bit coin survives as expensive as it is processor wise then damn sure blockchain will succeed in becoming payment standard.

You are still missing the point. It's like saying that TCP/IP packets will be the standard of Internet commerce.

No Id say that this is already the case.

It's meaningless. TCP/IP is just a communication protocol. You can use it to make payments or look at LOLCats. Blockchain is the same. It's just a clever solution to distributed consensus. You can use it to make payments or look at LOLCats. You could invent an LOLCatCoin tomorrow morning and it would work just fine. Blockchain is a "payment standard?" No it's not. You might not understand what blockchain is if that's what you think. I wonder if you have any idea what a payment standard is.

Well explain it to me, define Payment standard =

I don't mean the value itself. I mean the way of transmitting it to another persons pocket.

... ps ... It occurs to me that my meaning might not be clear. Blockchain is an enabling technology for a lot of other applications, one of which might be money.

Yes, definitely.I think we agree. I never said it is only for this purpose, in fact im in a plan to create a specific game with it, with microblockchain. Of course I can't program but I have the plans, lol. Its a great medium though if even a hundredth percent of people own any cryptocurrency its still viable for its own sake, which is kind of what sets me apart in the realm of thought, how I look at why things exist. I think a thing has a good chance of existing if it convinces itself of its own meaning. I think the cryptocurrency engineers and addicted traders have a good chance of perpetuating as a micropayment based world exchanging data and all sorts of informations that the money world isn't necessarily so privy to. Its like a cult. But then money is like a cult too. Definitely all good moneys. Like the Pound Sterling is totally occult and the Dollar, people look at the owl at the right corner but I say look at "In God We Trust". Okay, this is why this dollar is worthy this and this and that, because "in god we trust"... ?... no, !.

It is true that liberty is precious; so precious that it must be carefully rationed. ~ Владимир Ильич Ульянов Ленин